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Morgan Stanley plans fixed-to-floaters on indexes, ICE swap rates
By Susanna Moon
Chicago, Jan. 11 – Morgan Stanley Finance LLC plans to price fixed-to-floating securities due Jan. 31, 2037 linked to the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.
The notes are guaranteed by Morgan Stanley.
Interest will be fixed at 9% for the first three years. After that, it will accrue at 20 times the 30-year ICE swap rate minus the two-year ICE swap rate for each day that each index closes above the 65% reference levels, up to a maximum rate of 9%. Interest is payable monthly and cannot be less than zero.
The payout at maturity will be par unless either index finishes below its 50% barrier level, in which case investors will be fully exposed to any losses of the worse performing index.
Morgan Stanley & Co. LLC is the agent.
The notes will settle on Jan. 31.
The Cusip number is 61766YAZ4.
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